Is Banner Elk, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Banner Elk is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Banner Elk was a Neutral Market.

Key Takeaway

Banner Elk is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Banner Elk, NC

How much do homes in Banner Elk, NC cost?

Median Sold Price

$287,650

$282/sqft

Based on all homes sold in March 2024.

Difference Since Last Month

-$13,800(-4.6%)

Key Takeaway

Homes in Banner Elk have sold for 4.6% less than they did a month ago.

Summary: The median home sold price in Banner Elk was $287,650 in March 2024, down 4.6% from last month, and the median price per square foot was $282.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 $229.7K-
N/A
2 $287.9K$260K
-9.7%
3 --
N/A
4 $755K$1.2M
+68.9%
5+ --
N/A

Summary: Banner Elk housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 9.7%, 3 bedroom homes did not change, 4 bedroom homes increased by 68.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Beech Mountain
+401.0%
Banner Elk
+137.4%
Banner Elk
-4.6%
Banner Elk Township
-7.6%

Housing Supply in Banner Elk, NC

How many homes are available in Banner Elk, NC?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
4245+7.1%

Summary: The Banner Elk real estate market had 45 homes for sale in March 2024, a 7.1% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 44
0.0%
2 1617
+6.3%
3 911
+22.2%
4 1010
0.0%
5+ 33
0.0%

Summary: The Banner Elk housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 22.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
64-33.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Banner Elk, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Banner Elk in March 2024, down by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.

Days on Market for Banner Elk, NC

How long does it take to sell a home in Banner Elk, NC?

Average Sale Time

Feb 2024Mar 2024CHANGE
13 Days113 Days+737.0%

Summary: Homes in Banner Elk had an average of 113 days on market in Mar 2024, up by 737% compared to last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Banner Elk are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During March 2024, 4 homes were sold in Banner Elk; 25% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 75% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 24 Days Ago

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